Current Prices: Gold USD 2030.03/oz (AUD 3066.39) And Silver USD 24.52/oz (AUD 37.07)
Gold prices fell after hitting an all-time high on Monday. Spot gold slipped 2.1% to $2,026.69 per ounce at the close. Prices swung in a wide $115 range but were finally headed for its worst day since February. Silver also fell 3.8% trading near $US 24.50 per ounce, worst day in two months after hitting a seven-month peak earlier in the session.
US share markets fell on Monday after rallying the previous week. Attacks on commercial vessels in the Red Sea on Sunday risked increasing investor worries about the potential for a widening of the war between Israel and Hamas, potentially complicating the outlook for a rally that saw U.S. stocks crest a fresh closing high for the year last week. With around an hour left of trade, the Dow Jones index was lower by 65 points or 0.2%, the S&P 500 index dipped 0.7% and the Nasdaq index shed 153 points or 1.1%.
US government bond yields rose on Monday ahead of key US employment data due later this week, though traders continued to price in the likelihood of the US central bank cutting interest rates as soon as March following dovish comments from Fed officials last week. Yields pared gains after data showed that US factory orders fell more than expected in October. The US 10-year Treasury yield rose by 9 points to 4.28%. And the US 2-year Treasury yield jumped 11points to 4.65%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US66.63 cents to US66.04 cents and was near US66.15 cents in late US trade.
In US economic data, factory orders fell by 3.6% in October (survey: -3%). Expectations for a U.S. rate cut of at least 25 basis points (bps) in March are nearly 60%, according to CME’s FedWatch Tool, up from about 22% a week ago.
Australian gold prices fell by 1.24% ($38.57 per oz) to AUD 3065.20 at the US close.
Australian silver prices fell by 2.94% ($1.12 per oz) to AUD 37.04 at the US close.
The current Gold and Silver USD Ratio is 82.86
Current AUD/USD is 0.66195
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
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